Customer Sentiment Analysis – Its importance in event technology industry
Customer Sentiment Analysis
In simple terms Customer Sentiment Analysis can be defined as the human emotions that play a crucial role in customer engagement. Business enterprises across the globe when monitoring customer sentiments try to measure the tone, context and feeling from customer actions. For instance, whether a customer completes a purchase, leaves a review, or mentions about the concerned organization socially depends on his or her emotional state connected to their action.
Customer sentiment can range anywhere from being pleased, loving to neutral or angry and irrespective of where the customers of the concerned organization fall on the sentimental spectrum. As such, it is important for organizations to understand not only on what the emotional state of their customers is but should analyze what is driving their customers’ emotions. In short, tracking customer sentiment or performing customer sentiment analysis would help enterprises in understanding the three major metrics affecting their current and upcoming marketing campaigns such as-
- Overall Customer Satisfaction
- Engagement Intent
Why is performing customer sentiment analysis critical for event technology industry?
Customer sentiment analysis involves the process of gathering opinions of an individual customer or brand’s audience in communication with a customer support representative. Sentiment analysis helps enterprises in determining conversations, language and voice inflections to calculate emotions related to their business, product or brand. Sentiment analysis can be performed on social media to determine the sentiments of customers on the trending topic and it can be used by call centers to monitor customer support performance.
In this age of social media, customers are sharing their experiences (sentiments) about the products they are using and their interaction with brands. These users as such are not shy of presenting their feedback either negative or positive (in some cases neutral) regarding the services or products they are using via mobile applications, across multiple platforms such as Facebook, Twitter, Google Play forums etc.
Technology has revolutionized the event industry changing how social and corporate events are to be planned and executed with planners having extensive event management tools at their disposal from products that help them to do the work more efficiently and effectively to those that enhance their attendees’ experiences.
The event technology industry is highly valued and as per the financial analysis from Frost and Sullivan – the event management software industry is worth more than $28 billion that is projected to have a CAGR of 3.3% during 2018 – 2020. The latest technology trends such as Artificial Intelligence, Cyber security, Virtual Reality, Augmented Reality, and Live Stream Technology is playing a key role in bringing in enhanced customer satisfaction.
Using the social media, it is now possible for the event technology industry in understanding the sentiment of their customers in real time, finding out how they feel about their services, events organized and other commercials. In addition, customer sentiment analysis is providing the event technology industry how the customers have been served.
A common application of customer sentiment analysis in event technology industry is through Chat bots. The Chat bots work or derive information through messaging applications and act as a form of customer interaction. Chat bots use the sentimental analysis to understand what customer is asking for and as such provides more personalized services.
The event planners such as UBM Plc is the leading organizers in event management/ technology industry who is focused on their customer sentiments by leveraging all media options and in building marketing programs that starts with their vendor marketing needs. For Instance, UBM has been championing for different live event experiences, steadily building change in a square foot driven landscape with UBMs EVP of events being recognized for outstanding contribution to the industry at AEO awards.
Latest advancements in the conversational artificial intelligence (AI) in the events technology industry have the potential of redefining the attendee experiences and in enabling smarter event management for the organizers. Companies in the event technology industry are building their own chat bots leveraging AI for their domain of knowledge and ability to personalize conversations.
These AI enabled event chat bots can act as assistants to answer attendees question on demand, collect feedback, drive feedback and helping this industry in customer sentiment analysis. BizAcuity is at the forefront of helping their current clients through their customer sentiment analysis that has emerged as a case study that can be read on https://bit.ly/2SqDm3i